Florida is a mecca for traders, why taxfree Bahamas (50 miles away) is not?

[Handle123]

If you are an American citizen, Puerto Rico is a better deal - you don’t have to pay any Federal tax on the trading income if you live there 6 month a year or more. I briefly considered it, but it’s a massive lifestyle shift and some of the factors that @Maverick74 mentioned are also very real.

Puerto Rico? better deal than living in West Africa or Dominican Republic/Haiti, no..let me take that back, they all equal-all crap. You best stay at Tourist high security areas, and even that is not always as safe as they say... I know, rent a film on these countries but fill up the bathtub to get that feeling you in warm waters, have a coconut drink and just for fun, drop radio in the water like someone just tased you for your wallet.

Costa Rico has changed for the worst, having Americans relocate anywhere tends to bring the crap crime artists out of the wall. Prices have gone way up, locals have increased prices as well. And those crazy ass monkey's, stupid Americans see the signs don't feed monkey's, Oh no, they have to start the ball rolling and damn things will attack you cause they like democrats wanting free handouts.

Go to Canada and become a citizen up there, then relocate to Panama, no one there knows WTF Canada even is cause Panama is steaming humid and hot/warm most of the time till it rains and rains and rains, get it 100% humidity.

Go anywhere where people can't stand Americans and now you are Canadian, and you can't stand Americans either and you blend right in.

Am just gonna stay in Texas but relocate to eastern Texas, buy a farm and have two fences, in between leave out food for feral pigs, I figure you get past them, steers and geese will get cha.

Buy an island house, just remember anything breaks and it is heavy....rowboats don't haul, wait for the winter and truck across the ice, you will love hearing the cracking of the ice.
www.thousandislandslife.com/Properties.aspx

 

[Xela]

I believe in the UK it is 60 days after which you will be subjected to the taxation, no matter where is your account, you will have to pay taxes at least on what you show you are spending and probably have other types of dangers.

Yes ... it's 90 days, but the day of entry and day of exit don't count: you can fly in on Monday morning and out on Wednesday evening and that's only one day's residence for tax purposes (there are people who live in the Channel Islands or the Isle of Man who do this - I'd hate it myself). That's "non-resident and non-domiciled".

Or, if you have any legitimate connection with any foreign country (born there, family there, citizenship there, previous residence there, or whatever), you can elect to be permanently UK-resident but still not "domiciled for tax purposes" in the UK: under the new law, doing this is now limited to 12 years, and means that you still pay income tax on whatever you earn within the UK but you pay only a fixed £30k per annum in respect of all overseas income, regardless of how much it is. That's "resident but non-domiciled". And you can choose when the 12-year period commences. These are known as the "non-dom regulations", and a few thousand people - including some British citizens - take advantage of them.

If the actual "work of trading" that produces the income is done within the UK, then the UK's HMRC (formerly "Inland Revenue") will want to tax you on it, but they have to prove that, and of course there are people whose trading income is remitted from an overseas company (registered wherever they like, where they have a server from which the trades are made) as "passive income", who get away with not paying UK tax on it. You need to be earning quite a bit, to make this option viable, and it's (at least) "questionable", if the trading decisions are actually made within the UK. But there are people doing it successfully, and the British government doesn't necessarily want to lose them, because exactly as you say, they pay UK taxes on their spending etc anyway.

 

[CSEtrader]

Forex billionaire Joe Lewis lives and operates his Tavistock Group out of Bahamas and hedge fund billionaire Louis Bacon ( Lyford Cay) and well known hedgie Kyle Bass also have homes there.

http://www.tavistock.com/

https://www.vanityfair.com/news/2015/12/peter-nygard-louis-bacon-legal-battle-bahamas

Yes, in the same comunity. But Joe Levis not living there for many years, he sttarted a new community Albany.
Louis Bacon also left.
I put this thread to see more about what ET retail brokers will say. Thank you.

 

[CSEtrader]

[/QUOTE]
But there are people doing it successfully, and the British government doesn't necessarily want to lose them, because exactly as you say, they pay UK taxes on their spending etc anyway.[/QUOTE]
Thank you, Xela, for sharp and knowledgble post.
So, the tax free status of the Bahamas is not attraction for UK traders.
And the exotic palms, genuine people, clear water among miriad of beutiful island either.
To know what does ET community is thinking about, was very intresting.
I am discovering that even if some or many herre on ET, are really succesful in one of more risky/rewarding and demanding activity, they prefer conservative and traditional way of living?
Can ever Bahamas attract here more traders, not just three moguls who hardly will communicate and make vibrational changes in this community?

 

[fordewind]

Costa Rica probably 100 times kleptomanian then Zimbabwe.Good country, but not so good people.I`d let a little Abwehr group first to clean it out a bit before entering myself.

 

[CSEtrader]

Puerto Rico? better deal than living in West Africa or .Dominican Republic..]

I am glad Bahamas is not on this list - it is really different here, and you said you've been many times and I hope you noticed the same. The people in this country are still have hearts and crime zone is limited to certain areas, as it is in most of big cities. Still, if something not happening in the education system at first, the growing crime may change it. For now, we enjoying the absence of micro-crime every day. Even in Louvre, I had a thief putting a hand in the bag of the babysitter, front of my eyes. Here there are not, for now. Hope it can maintain. But criminal rate sadly in in steady growth for those past years
Even if we not feeling it.

Costa Rico has changed for the worst, having Americans relocate anywhere tends to bring the crap crime artists out of the wall. Prices have gone way up, locals have increased prices as well. ]

Yes, this reality is devastating. Magic Bali, 1995-2009, two different places, where not an advertising sign, the locals with a smile will invite you to their family celebrations, just to enjoy to share these moments together. And when you will offer some money they would get offended, so you learn to bring baskets with presents.. The neverending chains of celebrations on the beaches, the monkey forest with playful and blizzards little-sacred jumpers who would take off everything from your pocket, if you will have "intelligence" to put a banana in between. Warm ocean, many surfers.
10 years later - advertisings on every wall and corner, shopping mall instead of those lovely, family owned little spots with magnificent local smells. No more home invitations - many genuine families relocated in high mountains and having few members just work in foreigner areas, so no wonder no more celebrations, very few ceremonies on the beach because there are not enough family's women done to do that.
Even for visit temple you easily would be asked by some very intensive local, for a fixed offer. Monkeys - it was hard to believe, they become aggressive and attacking, even violent, they look to have the fun of just to harm. No one can feed them anymore from hands, just through banana as far as you can to keep them in distance, so they will not jump on kids. This is not directly because of Western culture, but because of Muslims from next islands, where monkeys are not sacred, and who started to catch monkeys and sell them to private owners. Those unfortunate, who did not meet an owner on the market would be sold ar the evening to the restaurant, to make dishes. But who taught these genuine island people to take profit from everything?
And then those new foreigners business owners, no longer moved on Bali because are fascinated by the magic of this land, but they simply are attracted by low investment and good profit. Hotel owner did not take off his shoes, he claimed that in his country it is not a custom and to confirm put even his feet on the table.
Hope with homeschooling and yoga at schools this arrogance will be changed.
And with people moving more towards farming, natural life. And in all this movement I see trading as the most powerful engine which really is giving to the humanity the possibility to be financially free which is a pillar for further individual growth.
Good luck for your East Texas farm! Brr, after all years here I am not sure if ice fir a kong period will still bring me joy. Sure for some weeks on snow, but the whole season and rains... well, will need to try to verify.

 

[CSEtrader]

Costa Rica probably 100 times kleptomanian then Zimbabwe.Good country, but not so good people.I`d let a little Abwehr group first to clean it out a bit before entering myself.

Please, delay this point in your post or whole post.

 

[Handle123]

I am discovering that even if some or many herre on ET, are really succesful in one of more risky/rewarding and demanding activity, they prefer conservative and traditional way of living?
Can ever Bahamas attract here more traders, not just three moguls who hardly will communicate and make vibrational changes in this community?

I don't think it is practical to have a bunch of other traders as friends, in my case. Matter of fact, I am more of a loner when it comes to my more than full time "hobby". You having a family, spending much time with them, getting normal sleep, sitting and enjoying sunsets with wife and kids-nice life for you but wishing more traders come to live. Me on other hand have no family where I live, weeks work of 80-100 hours, never noticed the sun went down 9 hours ago and the lite is the morning sunrise, no time to go sit watching others do their morning habits, see where I am going? A harsh but true statement is I see other traders as the enemies, I have to compete for prices and quantities, so to tell others how I trade is taking food off the table of a possible future family and families of others. And it is a life I am use to doing, and to come and go as I please, as often as I care to do, being on an island for me be like prison after awhile, even though I mainly stay within 35 miles from where I live. LOL

And when I go on vacations, my intentions are never to met other traders, maybe hedge fund managers or brokers for advise, but never traders. And if I bought a house next to yours, you would never know I was a trader, cause you would tell me what you do for a living and I go rent an office somewhere else so you don't see equipment etc...I would say I was in "Import/Export" of cotton bales. I love trading cotton.

I really never understand the phrase "it is lonely at the top", until I opened businesses, you just can't have friends when you have businesses, people who work for you want to become your best friends and then they become a liability as if they think rules are for others. Trading is same way, we all want to learn the deepest of secrets from others, and the longer you stay active, you can catch gems from others who didn't know what they wrote or said and "spilled the beans".

I was under the impression that few years ago the Bahamas had an agreement with USA of Americans who opened brokerage accounts there?

 

[RRY16]

Let’s see a show of hands...How many ETers are Jonesing for Handle123s trade secrets?

 

[sle]

Puerto Rico? better deal than living in West Africa or Dominican Republic/Haiti, no..

I was merely pointing out that in order to gain the tax advantages, an American citizen has a choice of Puerto Rico and American Virgin Islands. If you have a capacity constrained strategy that is likely to lose its alpha sooner than later, looking at these tax arbitrages makes a lot of sense. There are a fair number of HFs that are looking into opening offices there including the firm I work for. So yes, I have visited the place but decided against it.

I am not sure how the rest of your rant was relevant to this discussion.